The Reserve Bank of India has extended the directions to Babaji Date Mahila Sahakari Bank Limited, Yavatmal, Maharashtra for another three months.
RBI release reads “These directions shall continue to apply to the bank for a further period of three months from November 9, 2022 to February 8, 2023, subject to review. All other terms and conditions of the Directives shall remain unchanged.”
The UCB was first placed under direction on November 8, 2021, which was modified from time to time, last being extended up to November 8, 2022.
The issue of Directions should not per se be construed as cancellation of banking license by the Reserve Bank of India. The bank will continue to undertake banking business with restrictions till its financial position improves, says the release.